Hartford, Met Life, Washington Post Drop

Mayank Mehta
01 May, 2009
New York City

The Manitowoc Company, Inc led gainers in the S&P 500 index with a rise of 14.6%. The Hartford Financial Services Group, Inc reported quarterly net loss $1.21 billion. Met Life reported first quarter sales declined 12% and reported a net loss.

[R]11:00AM New York – The Manitowoc Company, Inc led gainers in the S&P 500 index with a rise of 14.6%. Actuate Corporation first quarter profit declines. The Hartford Financial Services Group, Inc reported quarterly net loss $1.21 billion. MasterCard Incorporated first quarter profit falls 18% as stronger dollar affects revenue.[/R]

Of the stocks in S&P 500 index, 182 increased, 312 declined and 6 were unchanged.

Aon Corporation led the decliners in the S&P 500 index of 12.6% followed by losses in MasterCard Incorporated of 9.7%, in The Hartford Financial Services Group, Inc of 8.4%, in Dean Foods Company of 6.7% and in MetLife, Inc of 6.5%.

The Manitowoc Company, Inc led gainers in the S&P 500 index with a rise of 14.6% followed by gains in Perkinelmer, Inc of 11.1%, in Expedia, Inc of 7.1% and McAfee, Inc of 7.1%.

Other Movers

Actuate Corporation ((ACTU)) declined 7.0% or 28 cents to $3.70 after the company delivering rich internet applications said first quarter revenues fell 0.7% $29.3 million from $29.5 million a year ago. Net income in the quarter fell 3.4% to $2.8 million or 6 cents per diluted share compared to net income of $2.9 million or 4 cents per share a year ago.

American Axle & Manufacturing Holdings, Inc ((AXL)) rose 9.0% or 9 cents to $1.09 a tier-1 supplier to the automotive industry reported first quarter revenues fell 31.5% to $402.4 million from $587.6 million a year ago. Net loss in the quarter was $32.7 million or 59 cents per diluted share compared to net loss of $27.0 million or 50 cents per share a year ago.

Aon Corporation ((AOC)) plunged 3.3% or $1.40 to $40.80 after the insurance broker reported first quarter revenues fell 3% to $1.85 billion from $1.91 billion a year ago. Net income in the quarter rose 28% to $280 million or 97 cents per diluted share compared to net income of $218 million or 68 cents per share a year ago.

Assisted Living Concepts, Inc ((ALC)) added 4.2% or 81 cents to $19.83 after the nursing home operator said first quarter revenues fell 4.3% $57.6 million from $60.2 million a year ago. Net loss in the quarter was $11.8 million or 98 cents per diluted share compared to net income of $4.05 million or 31 cents per share a year ago.

Cabela''s Incorporated ((CAB)) climbed 3.0% or 32 cents to $12.81 after the hunting, fishing and camping outfitter said first quarter revenues fell 0.7% $539.5 million from $535.5 million a year ago. Net income in the quarter fell 49% to $5.1 million or 8 cents per diluted share compared to net income of $10 million or 15 cents per share a year ago.

Calamos Asset Management, Inc ((CLMS)) added 6.9% or 74 cents to $11.41 after the mutual funds operator said first quarter revenues fell 46% $59.6 million from $110.7 million a year ago. Net income in the quarter was $3.35 million or 17 cents per diluted share compared to net income of $0.44 million or 2 cents per share a year ago.

Chiquita Brands International, Inc ((CQB)) rose 14.4% or $1.09 to $8.66 a banana distributor said first quarter revenues fell 10% $842 million from $935 million a year ago. Net income in the quarter fell 26% to $23 million or 51 cents per diluted share compared to net income of $31 million or 70 cents per share a year ago.

Choice Hotels International, Inc ((CHH)) jumped 6.2% or $1.76 to $29.93 after the hotel franchisor said first quarter revenues fell 11% $114.2 million from $128.9 million a year ago. Net income in the quarter fell 12% to $16.3 million or 27 cents per diluted share compared to net income of $18.6 million or 29 cents per share a year ago.

Dynamic Materials Corporation ((BOOM)) lost 5.4% or 88 cents to $15.16 after the metalworking company said first quarter revenues fell 15% $49.8 million from $58.4 million a year ago. Net income in the quarter fell 6% to $4.9 million or 38 cents per diluted share compared to net income of $5.2 million or 41 cents per share a year ago.

FLIR Systems, Inc ((FLIR)) added 9.3% or $2.08 to $24.26 after the marketing of thermal imaging systems said Friday that its first quarter earnings were $54 million, or 35 cents a share compared to $37 million or 24 cents a share in the same period a year ago. Revenue was $272 million up 15% compared to first-quarter 2008 revenue of $236.9 million.

General Motors Corporation ((GM)) plunged 6.2% or 12 cents to $1.80 after the salaried workers at the company are asked to take as much as three months off at reduced pay in one year to cut costs.

The Hartford Financial Services Group, Inc ((HIG)) fell 12.6% or $1.45 to $10.02 after the insurance and financial services company reported net loss in the quarter of $1.2 billion or $3.77 per diluted share compared to net income of $145 million or 46 cents per share a year ago.

The company also realized after tax loss of $46 million on net losses on sales of $298 million. The company also took charge of $141 million of asset impairment.

In the property and casualty division gross written premium declined 5% to $2.5 billon and on-going operations combined ratio was 89.9%.

Assets under management in the life insurance division dropped to $283 million from $336 million a year ago and the life division lost $1.4 billion compared to net income of $393 million.

The company guided ‘core earnings’ per share for the full year between 5 cent and 45 cents on assumption that S&P 500 index will gain 9% from the end of April 2009.

MasterCard Incorporated ((MA)) declined 4.6% or $8.51 to $174.94 after the global payment solutions company reported first quarter revenues fell 1.7% to $1.16 billion from $1.18 billion a year ago. Net income in the quarter fell 18% to $367.2 million or $2.80 per diluted share compared to net income of $446.9 million or $3.37 per share a year ago.

The Manitowoc Company, Inc ((MTW)) rose 14.6% or $1.22 to $7.20 after a multi-industry reported a first quarter loss of $656.3 million or $5.04 per share but the stock rose after the adjusted net was 18 cents beating the expectations of the market.

MetLife, Inc ((MET)) plunged 3.7% or $1.12 to $28.63 after the provider of insurance and other financial services said first quarter sales fell 12% $10.2 billion from $11.6 billion a year ago. Net loss in the quarter was $574 million or 71 cents per diluted share compared to net income of $615 million or 84 cents per share a year ago.

Marsh & McLennan Companies, Inc ((MMC)) a global professional services firm providing advice and solutions in the areas of risk management lost 6.3% or $1.33 to $19.76.

PPL Corporation ((PPL)) surged 3.5% or $1.05 to $30.96 after the electricity generator reported first quarter revenues rose 55% to $2.36 billion from $1.53 billion a year ago. Net income in the quarter fell 7.3% to $241 million or 64 cents per diluted share compared to net income of $260 million or 69 cents per share a year ago.

PerkinElmer, Inc ((PKI)) climbed 14.1% or $2.06 to $16.63 after the health and industrial sciences company reported quarterly sales declined to $431 million from $458 million and net income fell from $10.5 million from $20.13 million. Earnings per share declined to 9 cents from 17 cents.

QLogic Corporation ((QLGC)) dropped 3.2% or 46 cents to $13.72 after the network-equipment maker said fourth quarter revenues fell 18% $130.5 million from $159.7 million a year ago. Net income in the quarter fell 16% to $19.2 million or 16 cents per diluted share compared to net income of $22.8 million or 17 cents per share a year ago.

The Washington Post Company ((WPO)) declined 9.1% or $49.47 to $369.16 after the diversified education and media publisher reported a loss for the first quarter on hefty impairment and restructuring costs and a 33% decline in ad sales at its namesake newspaper.